Nat Gas Summary

May 07, 2025 

U.S. natural gas inventories in underground storage ended winter at a three-year low. East stocks are down 21.7% year-over-year and Midwest inventories are down 24.4% for the 12-month period according to the EIA. 

Average domestic natural gas production has posted year-over-year gains of 10%, according to the American Gas Association.

The season of summer cooling demand is near, and  NOAA’s three-month forecast (Jun-Aug) calls for an above average probability of above normal temperatures across the L48. 

EIA expects consumption in 2025 will average 1.8 Bcf/d more than 2024. Natural gas demand growth in 2026 will again be driven mostly by growth in LNG exports as additional LNG export capacity from Golden Pass comes online in the middle of the year. EIA expects natural gas injections into storage to be higher than average early in the natural gas injection season (April–October). However, injections should fall below the five-year average beginning in mid-summer when natural gas use in the electric power sector picks up. EIA forecasts U.S. natural gas inventories will end the injection season on October 31 with 3% less natural gas in storage than the five-year average, with about 3,660 Bcf in storage.